v3.25.2
Short and Long-Term Borrowings (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Components of Long-term Borrowings The components of long-term borrowings were as follows.
(in thousands)June 30, 2025December 31, 2024
FHLB advances$— $5,000 
Junior subordinated debentures41,799 41,384 
Subordinated notes92,541 115,003 
Total long-term borrowings
$134,340 $161,387 
Schedule of Junior Subordinated Debentures and Subordinated Notes
The following table shows the breakdown of junior subordinated debentures and subordinated notes.
As of June 30, 2025
As of December 31, 2024
(in thousands)Maturity
Date		Interest
 Rate		Par
Unamortized Premium /(Discount) / Debt Issue Costs (1)

Carrying
Value		Interest
 Rate
Carrying
Value
Junior Subordinated Debentures:
Mid-Wisconsin Statutory Trust I (2)
12/15/20356.01 %$10,310 $(2,076)$8,234 6.05 %$8,134 
Baylake Capital Trust II (3)
9/30/20365.91 %16,598 (2,583)14,015 5.94 %13,897 
First Menasha Statutory Trust (4)
3/17/20347.36 %5,155 (379)4,776 7.40 %4,755 
County Bancorp Statutory Trust II (5)
9/15/20356.11 %6,186 (522)5,664 6.15 %5,586 
County Bancorp Statutory Trust III (6)
6/15/20366.27 %6,186 (581)5,605 6.31 %5,528 
Fox River Valley Capital Trust (7)
5/30/20337.89 %3,610 (105)3,505 7.89 %3,484 
Total$48,045 $(6,246)$41,799 $41,384 
Subordinated Notes:
Subordinated Notes due 20317/15/20313.13 %$92,750 $(209)$92,541 3.13 %$92,436 
County Subordinated Notes due 20306/30/20307.00 %— — — 7.00 %22,567 
Total$92,750 $(209)$92,541 $115,003 
(1) Represents the remaining unamortized premium or discount on debt issuances assumed in acquisitions, and represents the unamortized debt issue costs for the debt issued directly by Nicolet.
(2) The debentures, assumed in April 2013 as the result of an acquisition, have a floating rate of three-month SOFR plus 1.43%, adjusted quarterly. *
(3) The debentures, assumed in April 2016 as a result of an acquisition, have a floating rate of three-month SOFR plus 1.35%, adjusted quarterly. *
(4) The debentures, assumed in April 2017 as the result of an acquisition, have a floating rate of three-month SOFR plus 2.79%, adjusted quarterly. *
(5) The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of three-month SOFR plus 1.53%, adjusted quarterly. *
(6) The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of three-month SOFR plus 1.69%, adjusted quarterly. *
(7) The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of 5-year swap rate plus 3.40%, which resets every five years.
* The floating rate on this debenture was originally based on three-month LIBOR. Effective with the cessation of LIBOR, the floating rate on this debenture is now based on three-month CME Term SOFR, plus the spread adjustment of 0.26161%.